ACC 241 Final Exam Question and
answers already passed 2025/2026
What are the three responsibilities of managers? - correct answer ✔1. Plan
2. Direct
3. Control
Planning - correct answer ✔Setting up goals and objectives and then developing strategies to obtain
those goals.
Directing - correct answer ✔Overseeing the company's day-to-day operations.
Controlling - correct answer ✔Evaluating results against the plan and then making necessary
adjustments.
What are the characteristics of managerial accounting? - correct answer ✔1. It focuses on the future
2. Managers decide on what they want to report
3. Data needs to be relevant not objective
4. There are no independent audits
What are the roles of management accounting? - correct answer ✔1. Ensure that financial records are
accurate
2. Plan, analyze, and interpret financial data
3. Provide decision support
4. Impact of technology
,Institute of management accountants (IMA) - correct answer ✔A professional institution for
management accountants. They help further continue your education, ethical standards, research, and
certification.
Unethical behavior includes what? - correct answer ✔- Dishonesty
- Unfairness
- Lack of objectivity
- Irresponsibility
Enterprise resource planning (ERP). What are the advantages and disadvantages? - correct answer ✔A
system that integrates a company's function, department, and data.
Advantages:
- Streamline operations
- Reacts quickly to changes
- Can replace system software
Disadvantage:
- Expensive
Just-in-time inventory reduces what? - correct answer ✔- Raw materials and finished goods inventory
- Storage and handling costs
Value chain - correct answer ✔- R&D
- Research
- Production/purchases
- Marketing
- Distribution
, - Customer service
Direct cost - correct answer ✔A cost that can be traced back to the cost object.
Indirect cost - correct answer ✔A cost that can't be traced back to the cost object.
Inventoriable product costs - correct answer ✔Costs incurred during the production/purchases stage.
Period costs - correct answer ✔Aka operating expense never become part of inventory and includes all
stages in the value chain except for production/purchases.
Merchandising inventoriable costs - correct answer ✔Includes cost of purchasing product from
suppliers and costs incurred when transferring product to place of business.
Prime costs - correct answer ✔Includes DL and DM.
Conversion costs - correct answer ✔Includes MOH and DL.
Fringe benefits are expensed as what? - correct answer ✔Expensed as period costs for non-
manufacturing employees.
All inventoriable costs should what? - correct answer ✔Should stay in the inventory until it is sold
which then becomes cogs.
Cost of goods manufactured - correct answer ✔Cost of goods that were completed and moved into
finished goods.
answers already passed 2025/2026
What are the three responsibilities of managers? - correct answer ✔1. Plan
2. Direct
3. Control
Planning - correct answer ✔Setting up goals and objectives and then developing strategies to obtain
those goals.
Directing - correct answer ✔Overseeing the company's day-to-day operations.
Controlling - correct answer ✔Evaluating results against the plan and then making necessary
adjustments.
What are the characteristics of managerial accounting? - correct answer ✔1. It focuses on the future
2. Managers decide on what they want to report
3. Data needs to be relevant not objective
4. There are no independent audits
What are the roles of management accounting? - correct answer ✔1. Ensure that financial records are
accurate
2. Plan, analyze, and interpret financial data
3. Provide decision support
4. Impact of technology
,Institute of management accountants (IMA) - correct answer ✔A professional institution for
management accountants. They help further continue your education, ethical standards, research, and
certification.
Unethical behavior includes what? - correct answer ✔- Dishonesty
- Unfairness
- Lack of objectivity
- Irresponsibility
Enterprise resource planning (ERP). What are the advantages and disadvantages? - correct answer ✔A
system that integrates a company's function, department, and data.
Advantages:
- Streamline operations
- Reacts quickly to changes
- Can replace system software
Disadvantage:
- Expensive
Just-in-time inventory reduces what? - correct answer ✔- Raw materials and finished goods inventory
- Storage and handling costs
Value chain - correct answer ✔- R&D
- Research
- Production/purchases
- Marketing
- Distribution
, - Customer service
Direct cost - correct answer ✔A cost that can be traced back to the cost object.
Indirect cost - correct answer ✔A cost that can't be traced back to the cost object.
Inventoriable product costs - correct answer ✔Costs incurred during the production/purchases stage.
Period costs - correct answer ✔Aka operating expense never become part of inventory and includes all
stages in the value chain except for production/purchases.
Merchandising inventoriable costs - correct answer ✔Includes cost of purchasing product from
suppliers and costs incurred when transferring product to place of business.
Prime costs - correct answer ✔Includes DL and DM.
Conversion costs - correct answer ✔Includes MOH and DL.
Fringe benefits are expensed as what? - correct answer ✔Expensed as period costs for non-
manufacturing employees.
All inventoriable costs should what? - correct answer ✔Should stay in the inventory until it is sold
which then becomes cogs.
Cost of goods manufactured - correct answer ✔Cost of goods that were completed and moved into
finished goods.
